UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
November 3, 2015
Date of Report (Date of
Earliest Event Reported)
INTELGENX TECHNOLOGIES CORP.
(Exact Name of Registrant as Specified in its Charter)
Delaware |
000-31187 |
870638336 |
(State or other jurisdiction of |
(Commission File |
(IRS Employer Identification |
incorporation) |
Number) |
No.) |
6425 Abrams, Ville St- Laurent, Quebec, Canada
|
H4S 1X9 |
(Address of principal executive offices) |
(Zip Code) |
Registrant's telephone number, including area code:
(514) 331-7440
Check the appropriate box below if the Form 8K fining is
intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
[ ] Written communications pursuant to Rule 425
under the Securities Act (17CFR230.425)
[ ] Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17CFR 240.14a-12)
[
] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement
communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events - News Release
IntelGenx Reports Record Third Quarter 2015
Financial Results
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
INTELGENX TECHNOLOGIES CORP.
Dated: November 3,
2015 |
By: /s/ Andre Godin |
|
------------------- |
|
Andre Godin |
|
Vice President and Chief Financial Officer
|
IntelGenx Reports Record
Third Quarter 2015 Financial Results
Saint Laurent, Quebec, November 3, 2015 -
IntelGenx Technologies Corp. (TSX-V: IGX) (OTCQX: IGXT) (the Company or
IntelGenx) today reported financial results for the three and nine month
periods ended September 30, 2015. All amounts are in U.S. Dollars unless
otherwise stated.
2015 Third Quarter Financial Highlights:
- Revenues reached $2.38 million, an increase of 427% over the same period
last year
- Net income was $1.35 million, compared to a net loss of $0.43 million over
the same period last year
- Adjusted EBITDA was $1.39 million, compared to a negative $0.41 million
over the same period last year
- Cash and cash equivalents totaled $2.26 million as at September 30, 2015
2015 Nine Month Financial Highlights:
- Revenue was $3.59 million, an increase of 331% over the same period last
year
- Net income was $1.02 million, compared to a net loss of $1.49 million over
the same period last year
- Adjusted EBITDA was $1.26 million, compared to a negative $1.38 million
over the same period last year
Recent Operational Highlights:
- Net sales of Forfivo XL continued to grow in the third quarter 2015 by 16%
compared to the second quarter of 2015, with net sales at $2.5 million ($4.7
million gross). For the past nine months, net sales of Forfivo XL®
totaled $6.3 million ($12 million gross), an increase of 117% compared
to the nine month period in 2014
- IntelGenx state-of-the-art manufacturing and laboratory facilities soon to
be completed with new corporate offices now fully operational
Our record results this quarter clearly demonstrate the strong
execution of our strategy to become one of the leading drug delivery companies
globally, commented Dr. Horst G. Zerbe, President and CEO of IntelGenx. We are
pleased with the continued sales growth of Forfivo XL as it generates revenue
for the Company which is invested back into building our strong pipeline for
long-term future growth. With our state-of-the-art manufacturing and laboratory
facilities soon to be completed, this will give the Company many competitive
advantages including offering full service to our customers and most importantly
mitigate risks of our competitors gaining knowledge of our superior technology
in the oral thin films business.
Financial Results:
Total revenues for the three month period ended September 30,
2015 amounted to $2.38 million, representing an increase of $1.9 million or 427%
compared to $0.45 million for the three month period ended September 30, 2014.
Total revenues for the nine month period ended September 30, 2015 amounted to
$3.59 million representing an increase of $2.75 million or 331% compared to
$0.83 million for the nine month period ended September 30, 2014. The increases
for the three month and nine month periods ended September 30, 2015 compared to
the last years corresponding periods are mainly attributable to the one-time
milestone payment of $3 million from IntelGenx licensing partner Edgemont
triggered by Edgemont reaching in July 2015, $7 million of cumulative net trade
sales of Forfivo XL® over the preceding 12 months. From that $3
million milestone payment, $1 million was received in the current quarter and
the $2 million balance will be received in Q1 2016. Nevertheless, 2/6 of the $2
million was recognized as revenue in the quarter ended September 30, 2015.
Operating costs and expenses were $1.03 million for the third
quarter of 2015 compared to $0.9 million in the comparable period of 2014.
Operating costs and expenses were $2.49 million for the first nine months of
2015, versus $2.35 million for the corresponding period of 2014.
IntelGenx
recorded operating income of $1.35 million for the three month period ended
September 30, 2015 compared to an operating loss of $0.44 million for the three
month period ended September 30, 2014. For the first nine months of 2015, the
Company generated operating income of $1.10 million compared to an operating
loss of $1.51 million for the comparable period of 2014.
The Company generated net income of $1.35 million or $0.02 on a
basic and diluted per share basis for the three month period ended September 30,
2015 compared to a net loss of $0.43 million or ($0.01) on a basic and diluted
per share basis for the three month period ended September 30, 2014. Net income
was $1.02 million or $0.01 on a basic and diluted per share basis for the first
nine months of 2015 compared to a net loss of $1.49 million or ($0.03) on a
basic and diluted per share basis for the first nine months of 2014.
We continue to focus on managing our costs in an effort of
keeping our strong financial discipline and we are highly confident that we will
achieve EBITDA positive for the entire year, said Mr. Andre Godin, Executive
Vice-President and CFO of IntelGenx. We are making a concerted effort of
building a stronger capital market presence for IntelGenx with the key goal of
increasing long-term shareholder value.
Cash on hand as at September 30, 2015 was $2.26 million,
representing a decrease of $2.13 million compared with the balance of $4.39
million as at December 31, 2014. The decrease in cash relates primarily to the
investments made into our state-of-the-art manufacturing facilities.
Conference Call Notice:
IntelGenx will host a conference call to discuss its third
quarter results on Wednesday, November 4, 2015 at 9:00 a.m. EST. The dial-in
number for the conference call is 1-866-393-4306 (Canada and United States) or
(734) 385-2616 (International), conference ID 66937976. The call will be
audio-cast live and archived for twelve months at www.intelgenx.com.
About IntelGenx:
IntelGenx is a leading drug delivery company focused on the
development of innovative products based on its proprietary oral drug delivery
technologies.
Established in 2003, the Montreal-based company, listed on the
TSX-V and OTC-QX, develops innovative oral drug delivery solutions based on its
proprietary platform technologies, VersaFilmTM, VersaTabTM
and AdVersaTM.
IntelGenx has developed a broad and diverse product portfolio
addressing unmet market needs and offering lifecycle management opportunities.
FORFIVO XLTM, launched in 2012, is the first and only FDA approved
once-daily bupropion HCI 450mg dose in a single tablet for the treatment of
major depressive disorder.
IntelGenx highly skilled team provides comprehensive
pharmaceuticals services to pharmaceutical partners, including R&D, clinical
monitoring, IP protection, analytical method development and regulatory
services. IntelGenx state-of-the art manufacturing facility, established for the
VersaFilmTM technology platform, supports lab-scale to pilot- and
commercial-scale production, offering full service capabilities to our clients.
More information is available about the company at: www.intelgenx.com.
Forward Looking Statements:
This document may contain forward-looking information about
IntelGenx' operating results and business prospects that involve substantial
risks and uncertainties. Statements that are not purely historical are
forward-looking statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933,
as amended. These statements include, but are not limited to, statements about
IntelGenx' plans, objectives, expectations, strategies, intentions or other
characterizations of future events or circumstances and are generally identified
by the words "may," "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "estimates," "could," "would," and similar expressions. All forward
looking statements are expressly qualified in their entirety by this cautionary
statement. Because these forward-looking statements are subject to a number of
risks and uncertainties, IntelGenx' actual results could differ materially from
those expressed or implied by these forward looking statements. Factors that
could cause or contribute to such differences include, but are not limited to,
those discussed under the heading "Risk Factors" in IntelGenx' annual report on
Form 10-K for the fiscal year ended December 31, 2014, filed with the United
States Securities and Exchange Commission and available at www.sec.gov, and also filed with Canadian securities
regulatory authorities and www.sedar.com.
IntelGenx assumes no obligation to update any such forward-looking
statements.
Each of the TSX Venture Exchange and OTCQX has neither
approved nor disapproved the contents of this press release.
Source: IntelGenx Technologies Corp.
For more information, please contact:
Edward Miller
Director, Investor Relations
IntelGenx
Corp.
T: +1 514-331-7440 (ext. 217)
edward@intelgenx.com
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